BELURAN, March 19 — Sabah will hold a 30 per cent stake in the RM400 million high-yield coconut plantation and coconut-based manufacturing facility project developed by Linaco Resources Sdn Bhd in Paitan here, Chief Minister Datuk Hajiji Noor said.

He said the state government is providing 2,000 hectares for the high-impact project which is expected to contribute RM1.2 billion annually to Sabah’s economy.

Hajiji, who also Sabah finance minister, said under the project, which is part of the Sabah Maju Jaya (SMJ) investment initiative, Linaco will set up infrastructures for the project which is expected to provide more than 4,000 jobs once fully operational in 2026.

“This RM400 million project will definitely create a big impact with an expected RM1.5 billion annual income, surely the economic spillovers will transform Paitan and create employment opportunities to Paitan and nearby communities,” he said when launching the project at a plantation site here today.

Federal Agriculture and Food Industries Minister Datuk Seri Dr Ronald Kiandee, Sabah Deputy Chief minister Datuk Seri Dr Jeffrey Kitingan who also State Agriculture and Fisheries Minister, and Linaco executive director Joe Ling were present.

The Memorandum of Understanding (MoU) was inked between the state government and Linaco Resources Sdn Bhd to develop Sabah’s coconut-based industry in March last year and the company is investing RM200 million for the development of a high-yield coconut plantation and another RM200 million for the coconut-based manufacturing facility.

The Chief Minister gave an assurance that the state government will push its development agenda to bring progress to Sabah and its people, whereby RM561.81 million was being allocated to finance the needs of the agriculture sector, which was one of the three main thrusts of SMJ under this year’s State Budget.

He said the Sabah International Business and Economic (SIBES) 2022 Summit in January this year has sparked interests among local and foreign investors on the state’s investment potential.         

“There are still so much more that we need to do to pursue economic recovery. I am confident that we will succeed in bringing prosperity to Sabah and the rakyat if we remain united under one development agenda,” he said.

Meanwhile, Hajiji said March 29 will mark Hala Tuju SMJ’s first anniversary, heralding Sabah’s development roadmap in navigating various challenges, including the Covid-19 pandemic.

He said the Gabungan Rakyat Sabah state government remains steadfast in its pursuit of investments and has managed to bring in three major investments, including from Linaco to Sabah. — Bernama